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How to find $24 million gnaws at council

Submitted by Edgar on January 29, 2014 - 11:43pm

KIMBERLY RUBIO STAFF WRITER.

How will the city fund a $24 million street improvement project? That is the question pondered by city councilmen on Tuesday when they met in regular session. Earlier in the month, the city heard from Mark McLiney of Southwest Securities regarding the tax effects of borrowing the full $24 million to fund street improvements. McLiney suggested breaking the amount into two installments – $12 million in 2014 and another $12 million in 2017. To do that, he said the tax rate would have to increase by 17 cents the first time and 19 cents for the second.